Betting companies begin paying daily, real-time taxes to comply with new KRA tax regulations

Over ten betting companies are already rushing to meet the government's demand for daily tax revenue reports.
 

 

The new KRA laws say that betting businesses have to pay their taxes every day before 1 a.m., and these businesses have been working hard to meet the new rules.
 

 

The laws make it possible for the tax collector to connect to a variety of betting sites in order to compute taxes in real time.
 

 

The goal of taking this action is to make the industry more open and accountable, as well as to bring shady organizations that work in the sector under control.
 

The Kenya Revenue Authority has set the second quarter of 2023 as the goal date for all businesses to be in full compliance.
 

Betafriq owners in Kenya

PesaBets is the parent company of Kenyan betting company BETAFRIQ.It has done an internal review of how it does business and told its employees how to follow the new rules.
 

The company has gone so far as to hire third-party auditors to guarantee that it is in full compliance with the rules.
 

"It's good to have such rules to govern the entire system. Th new regulations and tax remittance system is created to tame rogue businessmen and in an effort to increase transparency and accountability," the company said in a statement.
 

"It's important to note that the new rules and tax payment system have been put in place."

 

Betting firms data in realtime to KRA


Betting Companies real time tax compliance

Betafriq has said that it thinks all betting businesses will work together to solve the problem of tax tolerance.
 

 

"Betting is an upcoming market in Kenya, and it is good for the business operating under to be compliant and contribute to the developments by paying taxes," the report said.

 

The company strongly suggested that betting businesses in Kenya make sure they are following the rules and regulations of the country.
 

 KRA plans on betting firms

The laws make it possible to compute taxes in real time. These taxes include the 15% tax that is levied on betting, gaming, and lottery activities, as well as the 20% withholding tax that is levied on winnings that are paid out to consumers.
 

 

The National Treasury has set a goal for the betting industry to produce fifteen billion shillings in revenue in the current fiscal year. As a direct result of this, the KRA plans to get Sh41,100,000 from betting companies every day.
 

 

In the past, taxes were always paid 30 days late. The KRA is implementing these laws as part of its new plan to improve tax compliance and enhance revenue collection from the betting business.
 

 

According to Chris Kiptoo, the Principal Secretary of the National Treasury, one of the improvements that are taking place under the revenue administration is the integration of the systems.
 

 

"This is part of the taxman's new digital plan to enhance tax compliance as the government wants a greater portion of the billions earned from the gaming industry," he added.
 

 

"The government eyes a bigger slice of the billions made from the gambling industry."
 

 

On January 11, the PS delivered a speech at public hearings on the proposed budget for the financial year 2023-2024 and the medium-term timeframe.
 

 

After a pilot project that linked its KRA systems with those of seven other sports betting companies was finished, the restrictions were put in place.


 

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